Kotak Mahindra Bank Limited (KMBL) announced an increase in interest rates on Fixed Deposits (FDs) of less than Rs 2 crore up to 7.80% for senior citizens. Senior citizens can now enjoy enhanced returns, with rates increased by up to 85bps across various tenures.
Kotak offers senior citizens up to 7.80% for tenures between 23 months and 2 years, and 7.65% for tenures 2 to 3 years, demonstrating its commitment to rewarding its customers.
Regular customers investing less than Rs 2 croreal can benefit from a 50 basis points increase for FDs with tenures of 3 to 4 years, providing an impressive 7.00%, and a remarkable hike to 7.00% for tenures of 4 to 5 years. Virat Diwanji, Group President and Head – Consumer Bank at Kotak Mahindra Bank, stated, “Fixed deposits are considered safe and low-risk investments, particularly by senior citizens. Our increased FD rates enhances their regular source of income.”
